Bullet bonds are those where the principal is repaid as lump sum on maturity.
Separately, Indian Bank, also a public-sector entity, raised ₹5,000 crore through 10-year infrastructure bonds at a 7.12 per cent coupon rate, sources said.
While PGCIL's issue size was ₹1,000 crore, with a greenshoe option of ₹4,000 crore, Indian Bank's issue size was ₹2,000 crore with a greenshoe option of ₹3,000 crore. (In a greenshoe option, the underwriter has the option of issuing more shares.)
Both the bond issues have been rated "AAA" by domestic rating agencies.
Market sources suggested lack of supply from public-sector entities in the past few weeks, and pent-up demand from insurance companies, including the Life Insurance Corporation (LIC), and pension funds prompted the tight pricing of PGCIL's bond issue.
この記事は Business Standard の October 25, 2024 版に掲載されています。
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この記事は Business Standard の October 25, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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